The Life of Duncan

"Personal Purity, Family Unity, Selfless Service"

Archive for the month “August, 2013”

1 Car (2 Bike) Family (Postlude to the car situation)

So my secretary (and cousin) Camille Pilmer gave me a gift and made me promise to listen to it all the way through before buying a car. The gift was Dave Ramsey’s Total Money Makeover audio book…

I came in kicking and screaming, but came out grateful. I realized that following the baby steps is a matter of the heart not purely a matter of logic. I have to say my ego fights that (especially the whole investment bit and the “average 12% in a ‘good growth mutual fund'” concept…)

But putting all that aside, until we can actually consistently afford to “invest” 15% of our income we have to decided to become Gazelle Intense and TAKE ON the baby steps!

So here’s our game plan:
1. Save up $500 liquid emergency fund (as fast a humanly possible)
2. Save up cash to buy a car (~$2-3k)
3. Complete filling up our $1,000 emergency fund
4. Debt snowball our remaining total debt of about $6,800 (taxes, medical, old overdraft, student loan, traffic ticket, google Adwords) starting from SMALLEST balance to LARGEST balance.
5. Save up 3-6 mos liquid emergency fund
THEN
6. Save 15% of income into retirement and onward…

So back to the car question. We (Me AND Gina together :)) to be a 1 car (2 bike) family for a little while as we work through our game plan.

I can say I am more excited about our finances now than at any other time during our marriage. I love how I feel about the money we’re making, what we’re doing to make it (piano service), the consistency of our income, as well as career advancement opportunities (BYU, potentially SLCC & Murray School District, rebuilding at Vinny’s, private tunings). I feel sooo blessed, and we are BEING blessed.

This is a picture of one of Gina’s dream bikes ($600 new)

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Here’s a picture of the bike we were blessed with ($50!)

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Notice the incredible likeness! (Biggest difference is the top one is a 3-speed and hers is a single speed.)

(Serial number MD(?)0 050330)

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And here’s my bike (Jamis Trail X from Hanks Brothers) (~$250 after grips, seat, tube):

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Serial number JC082601155 (or HR1209274) (these two numbers are at right angles to each other):

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So yeah, we’re doing the right things and being blessed… Later.

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